点击按钮▲立即报名 特朗普公开罢免一名美联储理事 8月26日，美国总统特朗普公开了一封致美联储理事丽莎·库克的信件，宣布即刻将其免职。特朗普在发布的文件中写道，"依据美国宪法第二条 以及经修订的1913年《联邦储备法》赋予我的权力，现即刻免去库克在美国联邦储备理事会的职务"。自1913年美联储成立以来，虽然美国总统 偶尔会抨击其政策选择，但从未有美国总统罢免过美联储七人理事会成员。 ｜点评｜ 随着越来越多的跨国商品运输以小额包裹的方式进行，小额包裹确实应该被纳入海关关税征收范围内。然而，不管商品价值，每件商 品最少征收80美元的税收有些过于高昂。跨境电商正在寻找新的运货方式，例如多商家一起合租集装箱。无论如何，都增加了运输以及合规成 本，商品过海关的时间也将有所延长。 大部分选择小包裹运输的商品价格都相对较低，关税成本上升后，不少商品利润空间被抹平，商家只能被迫放弃美国市场。小额包裹免税政策 彻底取消后，对美国整体通胀的影响较为有限，部分对海淘有需求的美国居民感受将更加明显。 日本多地开征或拟征住宿税 8月26日消息，为应对境外游客激增带来的基础设施压力，日本42个地方政府已开始或计划征收住宿税，超过90个地 ...

8.马斯克：中国公司是 xAI最强对手，电力充足和硬件制造强大 要闻提示 NEWS REMIND 1. 蔚来重返千亿市值，销售负责人：不允许拉踩和诋毁竞品 2. 芯片大牛股46岁总裁，涉嫌内幕交易被证监会立案 3.宇树科技首次卷入发明专利侵权指控，正 处于上市关键期 4. 快手前高管涉贪1.4亿，创下大厂贪腐新纪录 5.回国还要再等等了！贾跃亭又又又又又拿到融资了：2.15亿元到账 6.格力朱磊再回应"空调线上销量被小米超越" ：数据可以转发，口碑没法P图 7.苹果印度扩张计划遇到新麻烦，富士康被曝在当地召回约300名中国工程师 今日头条 HEADLINE NEWS 蔚来重返千亿市值，销售负责人：不允许拉踩和诋毁竞品 近日，蔚来全新ES8正式发布并开启预售。21日产品发布后，美股大涨9.27%，8月22日港股收涨 11.12%，美股再涨14.44%，公司总市值141亿美元（约1009亿元人民币），在去年10月后的近一年 内，重返千亿市值。和第二代ES8价格相比，全新ES8价格的起售价格下探了近10万元。但蔚来董事长、 CEO李斌在此后的媒体沟通会上表示，和第二代产品相比，全新ES8的毛利率并不低于二代ES8。 ...

更新中...... 风险提示及免责条款 更多消息，持续更新中 拼多多第二季度营收1,039.8亿元人民币，预估1,039.3亿元人民币。拼多多第二季度调整后每ADS收益 22.07元人民币，预估15.50元人民币。 调整后净利润327.1亿元人民币，预估223.9亿元人民币 一般及行政开支15.3亿元人民币，预估19.1亿元人民币 研发支出35.9亿元人民币，预估35亿元人民币 美国存托凭证每股收益20.75元人民币，预估14.18元人民币 经营活动产生的现金流量净额216.4亿元人民币 拼多多美股盘前拉升，现涨近10%。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况 或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Viewpoint - Pinduoduo's stock price is expected to achieve double-digit growth despite existing concerns, with its performance ranking second only to Alibaba among peers [1][2]. Group 1: Financial Performance - In the first half of 2025, online retail sales are projected to grow by 8.5%, surpassing the 5% growth in consumer goods retail sales, indicating a positive outlook for Pinduoduo [6]. - Analysts may raise the full-year revenue forecast for 2025, anticipating a year-on-year growth of 9.9%, with a potential 18.5% increase in revenue for the current year [7]. - Pinduoduo's first-quarter revenue for 2025 showed a year-on-year growth of 10%, although the company faces challenges in the domestic retail market [6][7]. Group 2: Profitability and Investment - Non-GAAP operating profit and net profit both declined by 36% and 45% respectively in Q1 2025, attributed to strategic investments aimed at supporting merchants and consumers [7][8]. - Analysts predict that earnings per share (EPS) will recover to double-digit growth starting next year, despite the current decline [8]. - The expected non-GAAP P/E ratio for Pinduoduo is 13.56, significantly lower than its five-year average of 71.8, making it more attractive compared to Alibaba and JD [10][11]. Group 3: Market Position and Analyst Sentiment - Pinduoduo's stock is considered to be at a relatively low level, providing a potential buying opportunity [2][11]. - The decline in P/E ratio, especially compared to historical levels, suggests a favorable entry point for investors, with analysts upgrading the stock rating to "Buy" [11].

Core Insights - Pinduoduo has been actively promoting its "E-commerce Westward" initiative, which includes logistics innovations and financial support to enhance the shopping experience in western regions of China [2][26] - The company has introduced a "transshipment and collection" model to reduce logistics costs for merchants and consumers, further optimizing the delivery process to remote areas [2][12] - Pinduoduo's "100 billion support plan" aims to invest in high-quality e-commerce ecosystem development, with a focus on the western market [26] Logistics and Cost Reduction - In 2022, Pinduoduo pioneered a transshipment model that consolidates goods in central hubs like Xi'an and Chengdu before shipping them to western regions [2] - As of September 2024, the platform will waive the second logistics fee for packages sent to remote areas, significantly lowering costs for both merchants and consumers [2] - The company has also taken on the second-stage logistics costs since last year, enhancing affordability for consumers in western regions [12] Consumer Experience and Engagement - The introduction of affordable logistics has improved the online shopping experience for consumers in western China, allowing them to access a wider range of products [2][26] - Pinduoduo's initiatives have fostered community connections, as seen in the experiences of individuals like Shen Hui, who has used the platform to enhance local engagement through gardening and sharing [12][26] - The platform's ability to deliver products, including heavy items like fitness equipment, without high shipping fees has been a significant advantage for consumers [12] Market Potential and Future Outlook - The "E-commerce Westward" initiative is a critical component of Pinduoduo's broader strategy to stimulate consumption in less developed regions [26] - The company is expected to continue leveraging technology and logistics improvements to make previously unfeasible delivery options a reality, such as delivering perishable goods like lychees to remote areas [26]

Core Viewpoint - Pinduoduo's Q1 2025 financial results showed a revenue of 95.6722 billion yuan, a 10% year-on-year increase, but below market expectations of 101.6 billion yuan. Net profit attributable to ordinary shareholders was 14.7418 billion yuan, a 47% decline year-on-year, indicating challenges in maintaining profitability amid rising costs and competitive pressures [1][2]. Revenue Structure - The revenue from online marketing services and other services was 48.722 billion yuan, a 15% year-on-year increase. Transaction service revenue was 46.955 billion yuan, a 6% year-on-year increase, but below the expected 54.231 billion yuan, suggesting a slowdown in transaction volume growth [1]. Cost and Profitability - Sales and marketing expenses surged by 43% to 33.403 billion yuan, primarily due to increased competition and customer acquisition costs, which significantly impacted profit margins. Additionally, operating costs rose by 25% year-on-year, driven by higher fulfillment and payment processing expenses [1][2]. Market Environment and Strategy - The company acknowledged that the changing market environment and new challenges have led to a slowdown in revenue growth, which is also influenced by fluctuations in the foreign exchange market. The chairman emphasized the need to sacrifice short-term performance to support merchants through temporary fluctuations [1][2]. Long-term Focus - The CFO pointed out that the combination of business scale expansion, intensified competition, and increased external uncertainties has contributed to the slowdown in growth. The company is focused on long-term intrinsic value enhancement rather than quarterly financial performance, with ongoing investments in its ecosystem [2]. Stock Market Reaction - Following the earnings release, Pinduoduo's stock price experienced a pre-market drop of over 20%, ultimately closing down nearly 14% [3].

Group 1 - Xiaomi reported a revenue of 111.29 billion yuan for Q1 2025, a year-on-year increase of 47.4%, with adjusted net profit reaching 10.68 billion yuan, up 64.5% [2] - Xiaomi's smartphone business generated 50.6 billion yuan in revenue, achieving a record high gross margin of 12.4%, with the SU7 series delivering 258,000 units since launch [2] - Pinduoduo's Q1 2025 revenue was 95.67 billion yuan, reflecting a 10% year-on-year growth, but a 45% decline in net profit under non-GAAP standards, totaling 16.92 billion yuan [2] Group 2 - Deep Blue Automotive faced backlash from 480,000 car owners for advertising on their vehicle screens without consent, leading to an apology from the CEO [4] - Apple’s App Store was deemed non-compliant with EU regulations, particularly regarding its "anti-steering" policy that restricts developers from promoting alternative payment options [7] - Geely's chairman Li Shufu emphasized the company's commitment to not engage in price wars, focusing instead on value, technology, quality, service, brand, and corporate ethics [8]

Core Insights - Pinduoduo's Q1 2025 revenue was 95.6722 billion yuan, a 10% year-on-year increase, but below market expectations of 101.6 billion yuan [1] - The net profit attributable to ordinary shareholders was 14.7418 billion yuan, a 47% year-on-year decline, while non-GAAP net profit was 16.916 billion yuan, down 45% [1] - The company's stock price fell 13.64% in the US market following the earnings report, reflecting investor concerns about future growth [1][4] Financial Performance - Total revenue for Q1 2025 was 95.6722 billion yuan, with online marketing services and other services generating 48.7222 billion yuan (15% growth) and transaction services generating 46.95 billion yuan (6% growth) [4] - Sales and marketing expenses increased by 43% year-on-year to 33.4027 billion yuan, primarily due to higher promotional and advertising expenditures [4] - Pinduoduo's market capitalization dropped to 146.2 billion USD, losing over 10 billion USD in value after the stock price decline [4] Competitive Landscape - The e-commerce industry is experiencing intensified competition, with Pinduoduo facing limitations in policy incentives for consumers and insufficient responses to national subsidy policies compared to competitors [4] - To support merchants during short-term fluctuations, Pinduoduo launched a "100 billion support" strategy, increasing assistance and subsidies for small and medium-sized businesses, which may impact short-term profits [4] Management Outlook - Pinduoduo's management emphasized a focus on long-term intrinsic value rather than short-term financial performance [5] - The company aims to control costs, improve gross margins, and accelerate overseas expansion to stabilize stock prices, although challenges remain in achieving a profitable business model and performance recovery [5]